If you are purchasing an older building to start your own business and you are worried about the costs and risks, you want to talk to a commercial insurance agent about the different policies you need. There are basic common items you should have in your policy, like liability, property and worker's compensation insurance, but others that aren't standard.

If this is your only source of income and how you plan on supporting yourself, you want to make sure that you take extra precaution to prevent unforeseen expenses or losses. Here are three additional types of coverage you want to talk with the insurance provider about.

Ordinance Insurance

Throughout the time you own the business, building codes can change. This could require you to make changes to the building. The cost for structural alterations and other updates could be very costly, and the ordinance insurance would help cover some of those costs. The amount that you pay is well worth the cost in case this happens, and updating the property will be a good investment if needed.

Inland Marine Insurance

Do people transport items from one place to another around the area where you live? Inland marine insurance is going to cover any of the damages that occur while the transport is taking place, in case you have to replace the items or the customer decides they want to sue. This is especially important if you transport a lot of high dollar items you can't afford to replace.

Unemployment Insurance

It's scary to know that 80 percent of businesses will fail within the first 18 months of operation. If this happens to you, you can be prepared with unemployment insurance. This coverage will help supplement your insurance for a specific amount of time after you are without work, so you have time to find another way to make money without having any funds coming in.

The commercial insurance experts may have other suggestions for the old property you are purchasing, and the type of business you practice in. Starting a business is taking a risk, but you can reduce your risk of financial problems when you have a great commercial insurance company that can manage your coverage. You can also have a legal professional look at the commercial insurance policy for your company, to make sure you are covered legally in all areas. Before you start your business, compare policies and get competitive quotes to get the best deal.